Forex reserves to hit $40 in 2018 - FG

The Central Bank Governor, Godwin Emefiele,  has predicted that the nation’s Foreign Exchange reserve, which currently stands at $34 billion will hit N40 billion by the end  of 2018.

This were contained in the governor’s  keynote address to the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), held in Lagos over the weekend.

Emefiele in his Outlook for 2018 said: “Over the last 12 months Nigeria’s FX reserves grew by over US$10 billion from just over US$23 billion in October 2016 to over US$33 billion in October 2017. 

 “It is my belief that if we remain resolute with our efforts, policies and actions we can attain an FX reserve position of about US$40 billion by end 2018.”

The governor further said monetary policy stance could change when the underlying fundamentals become supportive. 

“If the pace of disinflation becomes adequate and we see inflation at predicted levels, I am very optimistic that MPC may begin to see strong justification for an easing of monetary policy, which may further accelerate the recovery process,” Emefiele said.